HomeMy WebLinkAboutResolution No. 700RESOLUTION NO. 700
A RESOLUTION OF THE CITY OF AZUSA
REDEVELOPMENT AGENCY ADOPTING THE PROPOSED
CHANGE TO THE RELOCATION METHOD FOR THE AZUSA
CENTRAL BUSINESS DISTRICT AND WEST END
REDEVELOPMENT PROJECT AREAS, MERGED
WHEREAS, the City of Azusa Redevelopment Agency (the
"Agency") has adopted a feasible method for relocation of families
or persons to be temporarily or permanently displaced from within
a project area, irrespective of whether any displacement of
residents, businesses or others is anticipated, per Section 33411
of the California Health and Safety Code (hereinafter the "Code")
and in accordance with Section 7260 et seq. of the Government
Code; and
WHEREAS, the Agency has adopted the document entitled
"Relocation Method for the Azusa Central Business District
Redevelopment Project Area" (the "Document") by reference for the
Central Business District and West End Redevelopment Project
Areas, Merged; and
WHEREAS, the Agency wishes to amend said Document to include
tenant choice of lump sum payment or periodical payment of rental
or downpayment assistance exceeding the stated maxiumum payment
amounts as then in effect under State or Federal law, as outlined
in Exhibit A.
NOW, THEREFORE, BE IT RESOLVED, BY THE AZUSA REDEVELOPMENT
AGENCY AS FOLLOWS:
SECTION 1. Approve the amendment to the Document as shown in
Exhibit A attached herewith.
SECTION 2. The City Clerk shall certify the adoption of
this resolution.
PASSED AND APPROVED this 16th day of Anril , 1990.
Eugey(e F. Moses, Chairman
I HEREBY CERTIFY that the foregoing Resolution was duly
passed, approved, and adopted by the Board of Directors of the
City of Azusa Redevelopment Agency, at a regular meeting thereof,
held on the 16thday of April 1990 by the following vote of
the Directors:
AYES: DIRECTORS: AVILA, STEMRICH, NARANJO, LATTA, MOSES
NOES: DIRECTORS: NONE
ABSENT: DIRECTORS: NONE
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EXHIBIT A
Add the following to Section VIII. Relocation Payments, Paragraph
B. Payment Amounts:
Low-income displaced tenants, including tenants electing to
purchase, may be paid in an amount which exceeds the maximum fixed
by State and Federal regulations for rental and downpayment
assistance. Should such a payment be made, pursuant to Section
7264.5 of the Government Code, said recipient shall have a choice
of:
(1) a lump sum payment of the maximum fixed amount, and
payment of the remaining amount paid in periodical payments of
annual increments; or
(2) a lump sum payment of the maximum fixed amount, plus a
lump sum payment of the remaining amount adjusted for present
value over the amount of payment time allocated. Present value
will be computed based on the then -current yield for Treasury
Notes and Bonds to the due date of annual payment, as indicated by
newspaper, bank confirmation, Federal Treasury confirmation, or
other reliable source, for the week in which the complete
relocation claim forms are received by the Agency.
(a) For example, a resident is eligible for low income
tenant rental assistance of $10,416 over a 42 -month pay
period. The current maximum fixed amount per State and
Federal regulations is $5,250, and is paid as a lump sum
payment. This payment represents the amount due over the
first 21 months (i.e., $10,416/42 months = $248; $5,250/$248
= 21 months). The remaining $5,166 is payable in annual
payments, beginning with month 22, of $2,976 (i.e.,
$248/month over 12 months) and month 34 of $2,190, the
remainder.
Should the resident desire immediate lump sum
payment of the total rental assistance, complete payment of
the $5,250 would be made. The remaining $5,166 would be
computed to present value at the then -current yield for
Treasury Notes and Bonds, based on the same payment period of
month 22 and 34. Using, for example, an interest yield of
7%, payments would be as follows:
Month Authorized Payment
0 $ 5,250
22 $ 2,976
34 $ 2,190
$10,416 Total Payment
Over Time
Present Value @ 7%
$ 5,250
$ 2,634
1,808
$ 9,692 Total Immediate
Lump Sum Payment